Amer Sports reported a 15% decrease in fourth quarter sales to 497.1 million ($720.0 mm) from 581.6 million ($750.0 mm) for the year-ago period. EBIT amounted to 53.7 million ($77.8 mm) before non-recurring expenses to the amount of 42.7 million ($61.9 mm) resulting from the reorganization of the Winter Sports Equipment business were recorded for the period. Earnings per share were 0.02 (3 cents) (0.47 (68 cents) exclusive of the non-recurring items).
The company said its Q4 and full-year EBIT fell clearly short of target due to the 28% drop in winter sports equipment sales.
For 2008, net sales are expected to increase approximately 5% in local currencies. EBIT is estimated to amount to 100 million to 130 million, with earnings per share coming in at 0.75 to 1.00. These estimates are based on a dollar-euro exchange rate of $1.47.
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Q4/ 2007 |
Q4/ 2006 |
Change % |
2007 |
2006 |
Change % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales |
497.1 |
581.6 |
-15 |
1,652.0 |
1,792.7 |
-8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit |
202.2 |
220.4 |
-8 |
664.4 |
697.4 |
-5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before non- recurring items |
53.7 |
69.7 |
-23 |
92.2 |
120.2 |
-23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recurring items |
-42.7 |
– |
|
-42.7 |
– |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBIT |
11.0 |
69.7 |
-84 |
49.5 |
120.2 |
-59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing income and expenses |
-9.3 |
-5.3 |
-75 |
-24.9 |
-23.6 |
-6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before taxes |
1.7 |
64.4 |
-97 |
24.6 |
96.6 |
-75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net result |
1.3 |
47.0 |
-97 |
18.5 |
70.5 |
-74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Amer Sees Winter Sports Weakness Drag Q4, 2007 ResultsAmer Sports reported a 15% decrease in fourth quarter sales to 497.1 million ($720.0 mm) from 581.6 million ($750.0 mm) for the year-ago period. EBIT amounted to 53.7 million ($77.8 mm) before non-recurring expenses to the amount of 42.7 million ($61.9 mm) resulting from the reorganization of the Winter Sports Equipment business were recorded for the period. Earnings per share were 0.02 (3 cents) (0.47 (68 cents) exclusive of the non-recurring items). For the full year, net sales decreased 8% to 1.65 billion ($2.26 bn) from 1.79 billion ($2.25 bn) last year. In local currency terms, sales were down 4%. EBIT decreased 23% to 92.2 million ($126.4 mm) before the non-recurring items booked in Q4. Earnings per share amounted to 0.25 (34 cents) or 0.70 (96 cents) excluding the non-recurring items. The company said its Q4 and full-year EBIT fell clearly short of target due to the 28% drop in winter sports equipment sales. For 2008, net sales are expected to increase approximately 5% in local currencies. EBIT is estimated to amount to 100 million to 130 million, with earnings per share coming in at 0.75 to 1.00. These estimates are based on a dollar-euro exchange rate of $1.47.
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